German asset manager DWS has transferred the fund accounting of its real estate fund business to the systems of the securities service provider BNY Mellon, representing approximately US$21 billion in assets, which incorporates Yardi Investment Manager as a core element.
Achieved through a strategic collaboration between DWS and BNY Mellon, this transition represents one of the industry’s largest fund conversions to a new platform. The transition streamlines DWS’s real estate business, whilst realising significant cost, efficiency and operational benefits for the asset manager.
DWS transferred globally its real estate fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon. Some 80 members of DWS’s fund finance team transferred globally to BNY Mellon and became part of its Alternative Investment Services business.
Around 80 employees from DWS fund accounting moved to BNY Mellon’s Alternative Investment Services division worldwide.
“Transferring services such as fund accounting to specialist third party providers allows us to streamline our business and drive cost and efficiency benefits. We look forward to realising the advantages of our outsourced approach to our real estate fund accounting,” said Georg Allendorf, head of Real Estate, Europe at DWS.
“Through this transition, we took the opportunity to invest in platform enhancements from which all BNY Mellon customers and prospects can benefit. We now offer a single, scalable platform for property and investment accounting that is global but also tailored to the specific needs of pan-European real estate businesses,” said Alan Flanagan, global head of Private Markets Solutions at BNY Mellon.